There are plenty of things in this life that you absolutely do not need, but you buy them anyway. Then, there are those things that are definitely necessary, but we simply pass them by so we can have enough money to buy the things we do not need. One of those purchases that often gets passed by is that of life insurance. There are many great reasons for a person to purchase life insurance. Here are the top 10 reasons to get life insurance so that you can take care of things after you have passed on.
1. To Pay for Funeral Expenses
Nobody can escape death. It is waiting for everyone. One of the aspects of life insurance is that in the event of your death, your family will then receive money to help pay for the funeral expenses. They expenses can add up very quickly to be over $10,000. With a life insurance policy you do not have to leave your family with the burden of that large of an expense, especially if your finances are lean as it is.
2. Help Your Family’s Future Needs
Another reason for buying life insurance is to help your family’s future needs. Leaving your loved ones behind is hard enough, but what if you were the only bread winner in the family? Your spouse will then have to find a job quickly, or have to look at a second job. This can add even more stress to an over-stressed situation. Life insurance can help your family to pay bills, make investments, and provide for a more stable future.
3. Future Education Expenses for Children
Besides just planning for the future financial stability of your family, you should also think about the continuing education of your children. Life insurance is also a great way to help provide for college tuition for your children. While you may not die before your kids go to college, many life insurance companies allow you to take money out of your plan for just this reason.
4. You May Not Pass Physical Later
Many times a life insurance company will deny someone insurance because of their health. This sounds crazy, but what they are doing is protecting themselves from your sudden death. Again, this sounds crazy, but to the life insurance company it makes perfect sense. If you wait to purchase life insurance when you are sick and dying, they know they will have to pay soon. But, if you purchase when healthy, they are betting (with your life) that you will be around for a bit longer.
5. Life Insurance Provides Sound Mind
When you purchase life insurance you are then able to live a much happier life. The stress, and the burden, of wondering how your family will make in the event of your death has been taken care of. Because of the money that is paid out with life insurance you do not have to work as hard to put enough away in savings. You can now enjoy your life with your family and build memories instead.
6. To Bring Comfort in Time of Mourning
One of the hardest moments in life is during the death of a family member. It is hard on the immediate family as they not only cope with the loss in their life, but also having to relive it while others try to comfort them. The last thing that they want is the added stress of money. Life insurance is that comfort that eases some of their pain during a very tough time.
7. Planning for Retirement Rather than Death
Another component of life insurance that many companies make available is the availability of a savings or retirement plan. Not only are you protected in the event of death, but you also have security in your elderly years through a retirement payout. This is an attractive feature that many people agree is the reason that they bought a particular life insurance.
8. Improve Credit Rating
Having a life insurance policy is looked at as another source of income. As long as you keep your life insurance policy current it can help keep your credit rating higher. In the event you are making large purchase such as a home, car, or some other loan, the life insurance is a sort of silent partner.
9. Show Family Values to Children
The greatest achievement that a parent can make in the life of their children is being an example of family values and financial responsibility. By talking about the life insurance policy with your children you are teaching them by example what they should also do when they get older. This is a great lesson for many and even begins the conversation of the eventuality of death.
10. Buy Life Insurance Because You Love Your Family
A family is more than just a group of people who live together. They are a group of people who are building their life with love as its foundation. By purchasing life insurance you are not only showing your family that you love them, but are leaving a legacy as to that love. In the event that you do pass away, they can remember that you cared for them in life and even after you have gone.
Life insurance should not be looked upon as an optional purchase. It is a necessity that shows your family that you care enough about them to take care of them even after your death. While it is not fun to think about death, it is important to think about what will be left once you are gone. These top 10 reasons to get life insurance are only a small sampling of why it is important.